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I'm over 70 1/2 and have more than 1 IRA. I only take distribution from 1. How do I report about the other IRA (don't have 5498 yet) as relates to RMD?
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I'm over 70 1/2 and have more than 1 IRA. I only take distribution from 1. How do I report about the other IRA (don't have 5498 yet) as relates to RMD?
it doesn't matter what IRA the money came from .
The total taken must add up to the RMD for the total value of your IRAs at the end of the year.
After that there's nothing special to do.
Note: different rule for 401ks.
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I'm over 70 1/2 and have more than 1 IRA. I only take distribution from 1. How do I report about the other IRA (don't have 5498 yet) as relates to RMD?
So, do I need to report the other IRA amount so they can calculate whether the RMD is enough?
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I'm over 70 1/2 and have more than 1 IRA. I only take distribution from 1. How do I report about the other IRA (don't have 5498 yet) as relates to RMD?
No.
There's no place to report that (unless you are attaching Form 8606)
We're all on the honor system here.
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I'm over 70 1/2 and have more than 1 IRA. I only take distribution from 1. How do I report about the other IRA (don't have 5498 yet) as relates to RMD?
You can only report an IRA distribution in the online version of TurboTax. The distribution would be reported on form 1099-R.
If you made the proper RMD amount based on your investment in both funds, then you don't need to do anything further.
If you didn't take enough RMD, then you need to file form 5329, Part IX to report that. You can find that form in the desktop version of TurboTax.
You should call your fund managers and ask them to help you determine what your RMD is.
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